posted 9.28 a.m. est
Pre-open Thursday 12th November
I marked Significant Sellers for the first time in eight days – Responsive Selling as ES tested the October high above 1100. I also note that for three consecutive days the ISEE (equity only) index has registered above 200 which indicates a lot of public call buying compared to put buying (often preceeds weakness).
But, everyday last week and this week so far, each Value Area has been above the poc of the previous day – this is clearly Buyers in control and I would want more evidence than I have now to short.
Dayframe: The key in the very short term is the 3dypoc at 1093.5. I wouldn’t initiate new longs if ES prints below that level. If ES finds it difficult to hold above that level after the open I would see that as a short term sign of weakness.
Longframe: If ES holds/consolidates above 1063/64 it’s in a strong position and indicates higher.
